Former Cleveland Cavalier used NBA Championship ring as collateral for gambling loan

A former member of the Cleveland Cavaliers, Damon Jones, was arrested last week for alleged involvement in a series of illegal sports betting and rigged poker schemes.

Now, reports have come to light alleging that Jones, who was unable to pay back a loan he was given, put up his 2016 NBA championship ring as collateral.

The loan he had to address came in at $10,000, plus a $4,000 fee, which wasn't repaid.

This isn't something that was new to Jones, as according to documents found by NBC News, "Jones’ financial woes go back at least to 2013, when his initial bankruptcy case was dismissed. Two years later, Jones filed for bankruptcy again and this time, according to court records, he reported $500,000 to $1 million in liabilities and claimed to have assets in the range of $100,001 to $500,000. Jones owed around $640,000 to creditors and $47,000 to the Bellagio Hotels and Casino for 'breach of contract/confession of judgment.'"

The direct incident involving his championship ring came in an unpaid loan with Scott Kerr, who filed a civil complaint against Jones seeking monetary relief of $100,000 or less. According to the filing, Jones borrowed $10,000 and the fee of $4,000 was added after he failed to pay the loan by a set date.

From 2023 through 2024, he had three other individuals come forward and say Jones had failed to pay them back loans.

All of this information comes to light following multiple federal investigations into illegal sports gambling.

The main accusation against Jones that led to his arrest comes under the charge that he gave inside information to co-defendants, who then used that information to plce NBA wagers.

"Operation Nothing But Bet" is the current ongoing federal investigation into illegal gambling, which was unveiled to the public late last week. The other investigation, titled "Operation Royal Flush," led investigators to another individual associated with the NBA, Portland Trail Blazers head coach Chauncey Billups.

One headline-grabbing example from the indictment against Jones alleges that he texted someone that a Los Angeles Lakers player would not play against the Milwaukee Bucks during a game in early 2023. That player had not officially been ruled out but Jones had told the other person to bet on the Bucks.

"Get a big et on Milwaukee tonight before the information is out! [Player 3] is out tonight. Bet enough so Djones can to [sick] now!!!," the text read.

The game mentioned is one where future Hall of Famer Lebron James did not play due to ankle soreness. The Lakers ultimately ended up losing.

While Jones was not officially with the Lakers at the time of the incident, he did work with James and had access to the team in numerous ways.

The 49-year-old Jones played for the Cavaliers from 2005-2008, then coached the team from 2016-2018 as an assistant. He also helped out as an assistant with the Cavaliers' G League team, the then Canton Charge, for one season.

As a player, he wasn't too shabby.

He averaged 22 minutes a game across his three seasons in Cleveland, contributing averages of 6.6 points, 1.3 rebounds and 1.9 assists a night. He also shot 39.5% from the field and 39.2% from deep.

However, while he could have gone down in history as someone who defied the odds and carved out an eleven-year career in the big leagues, his name and reputation will forever be tarnished due to the current allegations.

Jones has not yet entered a plea, but is set to appear in federal court soon for his arraignment in New York.